diff --git a/packages/webpack-cli/lib/webpack-cli.js b/packages/webpack-cli/lib/webpack-cli.js
index b8b0db06b69..2a7f54f98a2 100644
--- a/packages/webpack-cli/lib/webpack-cli.js
+++ b/packages/webpack-cli/lib/webpack-cli.js
@@ -374,10 +374,12 @@ class WebpackCLI {
                 name: 'env',
                 type: (value, previous = {}) => {
                     // for https://github.com/webpack/webpack-cli/issues/2642
-                    const regExpForSplitting = (value.match(/=/g) || []).length === 1 ? /=/ : /=(.+)/;
+                    if (value.endsWith('=')) {
+                        value.concat(`''`);
+                    }
 
                     // This ensures we're only splitting by the first `=`
-                    const [allKeys, val] = value.split(regExpForSplitting, 2);
+                    const [allKeys, val] = value.split(/=(.+)/, 2);
                     const splitKeys = allKeys.split(/\.(?!$)/);
 
                     let prevRef = previous;
diff --git a/test/build/config/type/function-with-env/function-with-env.test.js b/test/build/config/type/function-with-env/function-with-env.test.js
index 2c07fb01697..cdb80700457 100644
--- a/test/build/config/type/function-with-env/function-with-env.test.js
+++ b/test/build/config/type/function-with-env/function-with-env.test.js
@@ -127,6 +127,16 @@ describe('function configuration', () => {
         expect(existsSync(resolve(__dirname, './dist/empty-string.js'))).toBeTruthy();
     });
 
+    it('Supports empty string with multiple "="', async () => {
+        const { exitCode, stderr, stdout } = await run(__dirname, ['--env', `foo=bar=''`]);
+
+        expect(exitCode).toBe(0);
+        expect(stderr).toBeFalsy();
+        expect(stdout).toBeTruthy();
+        // Should generate the appropriate files
+        expect(existsSync(resolve(__dirname, './dist/new-empty-string.js'))).toBeTruthy();
+    });
+
     it('is able to understand multiple env flags', async () => {
         const { exitCode, stderr, stdout } = await run(__dirname, ['--env', 'isDev', '--env', 'verboseStats', '--env', 'envMessage']);
 
diff --git a/test/build/config/type/function-with-env/webpack.config.js b/test/build/config/type/function-with-env/webpack.config.js
index 8fe8deb18e8..9114623d545 100644
--- a/test/build/config/type/function-with-env/webpack.config.js
+++ b/test/build/config/type/function-with-env/webpack.config.js
@@ -17,6 +17,14 @@ module.exports = (env) => {
             },
         };
     }
+    if (env.foo === `bar=''`) {
+        return {
+            entry: './a.js',
+            output: {
+                filename: 'new-empty-string.js',
+            },
+        };
+    }
     return {
         entry: './a.js',
         mode: 'development',